Finance Act 1999

Charge U.K.

1 (1) Stamp duty is chargeable on a conveyance or transfer on sale. U.K.

(2) For this purpose “ [F1 transfer on sale] ” includes every instrument, and every decree or order of a court or commissioners, by which any property, or any estate or interest in property, is, on being sold, transferred to or vested in the purchaser or another person on behalf of or at the direction of the purchaser.

[F2 (3) Sub-paragraph (1) is subject to sub-paragraphs [F3 (3A)] to (6).

[F4 (3A) Stamp duty is not chargeable under sub-paragraph (1) on a transfer of stock or marketable securities where—

(a) the amount or value of the consideration for the sale is £1,000 or under, and

(b) the instrument is certified at £1,000.]

(4) Where a company acquires any shares in itself by virtue of section [F5 690] of the Companies Act [F5 2006] (power of company to purchase own shares) or otherwise, sub-paragraph (1) does not apply to any instrument by which the shares are transferred to the company.

(5) Where a company holds any shares in itself by virtue of section [F6 724] of that Act (treasury shares) or otherwise, [F7 sub-paragraph (1) does not apply to any instrument to which sub-paragraph (6) applies.]

(6) This sub-paragraph applies to any instrument for the sale or transfer of any of the shares by the company, other than an instrument which, in the absence of sub-paragraph (5), would be an instrument in relation to which—

(a) section 67(2) of the Finance Act 1986 (transfer to person whose business is issuing depositary receipts etc), or

(b) section 70(2) of that Act (transfer to person who provides clearance services etc),

applied.]

Textual Amendments

F1 Words in Sch. 13 para. 1(2) substituted (with effect in accordance with s.125(8) of the amending Act) by Finance Act 2003 (c. 14), Sch. 20 para. 6

F2 Sch. 13 para. 1(3)-(6) inserted (with effect in accordance with s. 195(12) of the amending Act) by Finance Act 2003 (c. 14), Sch. 40 para. 5; S.I. 2003/3077, art. 2

F3 Word in Sch. 13 para. 1(3) substituted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(2)

F4 Sch. 13 para. 1(3A) inserted (with effect in accordance with s. 98(5) of the amending Act) by Finance Act 2008 (c. 9), s. 98(3)

F5 Words in Sch. 13 para. 1(4) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 11(b)

F6 Word in Sch. 13 para. 1(5) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 11(c)

F7 Words in Sch. 13 para. 1(5) substituted (with effect in accordance with s. 99(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 32 para. 10(2) (with Sch. 32 para. 22(1)(b))